One of the Leading Standalone health insurance Player, Niva Bupa Health Insurance Company (formerly.) Max Bupa Health Insurance Company) said it saw steady growth of 31 per cent in 2019-20 and 41 per cent in 2020-21.
The company has achieved a YTD (YoY) growth of over 70 per cent in the current financial year.
“Niva Bupa aims to record a gross written premium of Rs 5,000 crore by FY 23-24,” the company said.
The insurer said it is aggressively expanding its presence in tier-II, III and IV cities, opening a new office every 3.5 days in the last year.
Currently, Niva Bupa has a presence in 350 cities which will further increase to over 600 cities by FY 2023-24.
With this, Niva Bupa aims to cover one crore people of the country under health insurance by the end of FY24.
Ramachandran said, “We are aggressively expanding our direct and digital partnerships with massive regional expansion to help sustain rapid growth. We look forward to accelerating health insurance adoption across the country. We are fully committed to making quality healthcare more accessible to the people.”
“As we move forward, the aim is to create a humane brand and simplify health insurance so that it can be widely adopted among a larger audience,” he added.
The health insurer emphasized that it aims to democratize health insurance in the country, establish it as an enabler to live life the way it should be lived.
To bring its new philosophy to life, Niva Bupa has launched a brand campaign that aims to change the narrative about health insurance, while eliminating the fear element often associated with it.
In addition, the company is expanding its pan-India footprint through bancassurance partnerships with 15 national banks, which is the largest in the segment.
Nimish Agarwal“At Niva Bupa, customer-centricity is at the core of our business. Our new identity is a step forward to change the narrative about health insurance,” said Senior Vice President and Head (Marketing) at Niva Bupa.
He added that Niva Bupa has seen one of the most successful brand transitions in the COVID-19 era and “with our new campaign, we aim to simplify the category to increase penetration across all segments”.